M&M to launch its first electric SUV, XUV 400, in India

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A late bloomer into the sector, auto major Mahindra on Friday detailed its plans to go electric with eXUV400, which is expected to be launched in September 2022.

Based on the XUV300, currently on sale in India, the XUV400 is derived from SsangYong Tivoli. Once launched, the SUV with an expected range of 300 kms will take on the likes of Tata Nexon EV, which is at the moment the best selling electric car in India.

The car maker has a plan to invest over $1 billion to fuel its electric vehicle ambition. Mahindra raised, Rs 1,925 crore at a valuation of up to Rs. 70,070 crores from British International Investment into a new 4 Wheel Passenger Electric Vehicle firm to be set up by Mahindra &

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British International Investment (BII), the UK’s Development Finance Institution and impact investor and Mahindra & Mahindra (M&M) executed a binding agreement to invest up to Rs. 1,925 crores each into a wholly owned subsidiary of M&M that will be newly incorporated.

BII will invest up to Rs 1,925 crores in the form of compulsory convertible instruments at a valuation of up to Rs. 70,070 crores, resulting in 2.75% to 4.76% ownership for BII in the EV Co.

Moreover, it is expected that the first round of BII’s capital investment will be completed not later than June 2023 on fulfilment of conditions precedent and the balance post completion of certain milestones in FY24.

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